Zenith

ICT4D Week 2018

Tuesday, May 03, 2016

Opinion: Blacks, poverty and wealth transfer

Opinion@ITRealms:

I thought about putting pen to paper on this sensitive
subject for quite a while, the urge to do so has been tainted with sentiments
and facts rubbed together in a Yin and Yan. There is this saying that
"Everybody plays the fool, and there is no exception to the rule".

Whether consciously or unconsciously, we play the fool to some things we do not
fully understand, not because we do not want to understand those things, but
because we have chosen to psychologically detach ourselves from such thinking
or we are just being unrealistically sentimental about it; either way to our
own peril.

A bulk of this writing is directed to Africans, Caribbeans,
Asians, South Americans and African -Americans. I am more particular about
black Africans on this subject, we are at the bottom of the economic ladder
when it comes to standard of living, per capita income, life expectancy, food
security, primary health care etc. Our position is not accidental, things do
not just happen, they happen for a reason.

Inter-generational wealth can be transferred in three ways:
(1) Saving Money (2) Insurance Policies (3) Dependable Investments. How many of
us have one of these three functionally in place, not to talk of having all?
What most Africans have succeeded in having as their inheritance is poverty!
And what most Africans alive today will leave for their children as inheritance
is poverty! Same applies to other races mentioned above. It all begins with
expensive burial rites and ceremonies in the name of culture and tradition. A
situation where the living is compelled to bury the dead with monies they don't
have to please people they don't like!

Saving money, having insurance policies in place and
venturing into dependable investments as means of wealth transfer from one
generation to another is something that has been mastered by Europeans and
whites all over the world well over 200 years ago. A major reason why they are
on top of the economic ladder. An average white kid or teenager at the untimely
death of one or both parents starts out with an average of $100,000 while an
average black kid with same circumstances as the white kid starts out with $0
because his parents are either ignorant, selfish, insensitive or do not simply
believe wealth transfer is a priority.

You hear my people say: "It is not in our culture to do
insurance", but our culture supports going to borrow money to bury the dead
when you don't have it. You hear some say: "My religion forbids having
insurance policies". But your religion does not forbid begging and asking
people for financial support for your young family when you untimely pass on,
your religion does not forbid living on benefits accrued from the sweat of
other people to support your family. Indeed, your religion forbids you protect
yourself and your family against uncertainties for the price of a visit to KFC
or Burger King? Think about this....

And others say: "My wife may kill me if she knows I
have a life insurance". What did you do to her that will make her consider
killing you? "My husband will strangle me if he knows I have a life
policy". These are things I have heard from friends, families and clients during
briefing. If there is one thing such people should know, in countries like UK,
USA and other developed nations, your partner will be the first suspect should
you die mysteriously with a life policy in place. Murder is not that easy to
get away with in such climes. The positives of having policies in place and not
needing it far outweighs the negatives of not having it and then needing it.

The most common response is: "God is my
insurance". Of course, He is the Alpha and Omega, the arbiter of all things.
But we have seen men and women of God die untimely by human standards.
Accidents, sickness, fatal injuries, depression, murder etc. Are you saying
they died because they sinned or because you are better or of more faith than
they were? Why don't you let earthly things remain earthly and heavenly things
remain heavenly.

Several people of faith have died because of ignorance and
negligence, uncountable have died in Nigeria due to inhalation of generator
fumes because they refused to buy smoke detectors and carbon monoxide detectors
on the premise that Jesus is their protector and Mohammed (SAW) their saviour.
Imagine the height of ignorance! Believing to know when you do not know is
folly...

Numerous number of people have lost their mortgages and have
their homes reposed due to serious injuries or life threatening illnesses, they
could not work and they have no life policies (mortgage or non-mortgage in
place). These are mortgages of over a £1,000/month but not having a £20/month
policy as cover in the face of uncertainties, they lost their homes and lost
the equities. Those without mortgages in same situation could no longer function as a family due to lack
of funds. They became a burden to friends and families. Now, who is wiser, the
lender or the borrower?

Having insurance policies is important the moment you have
dependants to cater for. God forbid untimely death, accident or critical
illness any of us but whether dead or alive, none of us would want to see our
loved ones going abegging, aborrowing and asorrowing. Let us contribute to
inter-generational wealth transfer and by so doing, elevate the black race from
the scourge of poverty at the bottom of the ladder to a more appropriate position
on the ladder.

*Anthony Ihidero is a certified
Insurance Consultant based in United Kingdom and contributed this at The
Rat Race (only headline changed)